Kalshi

Kalshi is an exchange for event contracts. The CFTC has designated it a contract market, or DCM, the same kind of federal license a futures exchange holds. Each contract is a yes-or-no question: will an economic number come in above a line, who wins a race, what the weather does, how a game ends. A contract that turns out right pays $1. Prices run between 1¢ and 99¢, so the price is roughly the crowd's odds.

Its market list is the widest of the regulated US venues we looked at: economics, politics, sports, culture and weather. It also has a public API, which is why many research tools, including PMIP and Predictions.io on this site, can read Kalshi data.

You can use it on the web and in iOS and Android apps. You can also reach Kalshi contracts through brokers. Interactive Brokers lists Kalshi contracts on its official fee page, and Robinhood routes orders to Kalshi. Webull is also reported to offer access.

The legal picture is the big catch, and it is moving fast. Federal appeals courts are split on whether states can regulate sports event contracts. The Third Circuit ruled for Kalshi against New Jersey on Apr 6, 2026. The Ninth Circuit ruled for Nevada on Aug 28, 2026. A secondary legal tracker reports the Sixth Circuit ruled against Kalshi on Sep 25, 2026. All of these are early-stage rulings, not final ones.

State orders are live now. A Washington court order effective Aug 13, 2026 blocks most Kalshi categories there, including sports and elections. A Michigan injunction signed Sep 1, 2026 makes Kalshi geofence sports contracts in the state. Sports are also blocked in Nevada. Secondary sources report that a Massachusetts injunction was stayed on Feb 17, 2026 while the state's top court decides, and that New York's attorney general sued Kalshi on Jul 31, 2026. Secondary sources also report three petitions pending at the Supreme Court, with none granted. Laws change, check your state.

US adults who want a federally regulated exchange with the most kinds of event markets.

Skip it if you live in Washington, or you live in Nevada or Michigan and want sports. Court orders block those markets there.

No account fee. Taker fee = 0.07 × contracts × price × (1 − price), rounded up. That tops out at 1.75¢ per contract when the price is 50¢, and drops toward zero near 1¢ or 99¢. Some series also charge makers a fee at 0.0175 × the same formula. Cancelling an order is free. Source: Kalshi fee schedule (Jul 7, 2026 update), checked Oct 14, 2026. A secondary source reports some series use a lower multiplier, such as 0.5 for MLB since Aug 7, 2026. Check the official site.

• It's a CFTC-designated contract market, so it runs under federal exchange rules, not offshore.
• The widest category list of the regulated US venues: economics, politics, sports, culture and weather.
• The fee is a published formula in a public PDF, and cancelling an order costs nothing.
• A public API, so research and dashboard tools can read its markets.
• Reachable through brokers like Interactive Brokers and Robinhood if you'd rather not open a new account.

• Fees are highest on coin-flip contracts: up to 1.75¢ per contract at 50¢, which adds up on big orders.
• Court orders block sports in Nevada and Michigan, and most markets in Washington.
• It's the lead party in most of the litigation, so what you can trade in your state could change with the next ruling.
• Some series charge makers too, so check the fee schedule for the specific market.

Kalshi vs Polymarket US. Both are CFTC-designated exchanges, and their taker fees use almost the same formula: Kalshi's multiplier is 0.07, Polymarket US's is 0.0695. The difference is on the maker side. Polymarket US pays makers a rebate (0.0125 × the formula), while some Kalshi series charge makers a fee. Polymarket US also adds volume-tier rebates from Oct 19, 2026. Kalshi wins on breadth of categories. Polymarket US is not offered in Nevada at all, while Kalshi is in Nevada but without sports. Kalshi's restrictions bite harder in Washington and Michigan. If you want the most markets, start with Kalshi. If you mostly follow Polymarket-style markets and post orders rather than take them, look at Polymarket US.

1. Read Kalshi's regulation page (kalshi.com/market-integrity/regulation) to see how it's licensed.
2. Check the signup requirements in Kalshi's help center: you must be 18 or older to open an individual account.
3. Check whether your state restricts any categories. Washington, Michigan and Nevada do right now.
4. Read the fee schedule PDF and work out the fee at the price you're looking at.
5. Before you look at any price, open one market and read its resolution rules: what counts as yes, and which source decides.